Riyadh – Mubasher: Albilad Capital maintained the price target (PT) of United Electronics Co. (eXtra) at SAR 31.3 per share, in the report published on Sunday.
Albilad forecasted the electronics company to recover from its first-half losses in the remaining period of the 2016 especially in the fourth quarter which coincides with the annual mega discounts.
However, eXtra’s revenues and net earnings are estimated to shrink by 1.5% and 74.6%, respectively, driven by the unfavourable results of the first quarter, the report indicated.
United Electronics recorded a net profit of SAR 12.2 million in Q2-16, compared to SAR 11.83 million in Q2-15, and a net loss of SAR 45 million in Q1-16.
Financials for H1-16 showed a net loss of SAR 33 million against a net profit of SAR 28 million in H1-15.
